Best LLC Meeting Minutes Template
While limited liability companies (LLCs) are not required to hold meetings, many choose to in order to keep their business decisions organized. Using an LLC meeting minutes template can help your company maintain a record of what happens in your meetings so that you can track your LLC's growth and choices.
This guide provides an LLC meeting minutes template as well as some points to consider during and after your LLC meetings.
Recommended: Download our free LLC meeting minutes template to get started.
Why Use a Meeting Minutes Template?
Recording every discussion during a meeting can be tedious and time-consuming. With a template, you can create a simple yet professional document that will help you keep track of what was discussed at your next meeting.
Not having a meeting minutes template could cause you to struggle with recording the discussions at your next meeting.
Our free template includes a blank page for each agenda item, allowing you to take notes quickly. Each page also includes a line for you to write any action items that were decided upon during the meeting.
When Should I Take Meeting Minutes?
There are three main types of meetings that require meeting minutes: organizational meetings, annual meetings, and special meetings.
Note that LLCs are not required to hold any of these meetings unless such procedures are outlined in their operating agreements.
Organizational Meetings
Organizational meetings, typically called initial meetings, help establish the structure of the company. For LLCs, the organizational minutes may note the drafting of the operating agreement as well as establishing any member titles.
Annual Meetings
These are standard meetings that discuss company growth, routine amendments, and financial plans. Annual meetings are where most standard meeting minutes templates, such as our free LLC meeting minutes template, come in handy.
Special Meetings
A special meeting is usually held outside of a regular schedule to deal with urgent matters, such as mergers or filling a member vacancy. Because special meetings tend to only focus on one priority, the meeting minutes may take on a different, more tailored approach.
How to Use This Template
To use our free template, simply download it by clicking on the link below. Then, open the file in Microsoft Word. You'll see that there are several pages included. Simply click once on the page number that corresponds to the first agenda item listed. Then, start typing your notes. Once you're done writing, save the document as an .rtf file.
Download Free LLC Meetings Template
You may want to print out the template so that you have it handy when you need it. If you do, make sure to print only one copy.
Important Information to Include
When you're preparing your meeting minutes template, it's important to include enough information to ensure that everyone attending knows what happened during the meeting. Here are some things that should be included:
- Who attended the meeting (and who called it)
- When and where the meeting took place
- The purpose of the meeting
- What decisions were made (agreements, disagreements, etc.)
- Any resolutions or action plans
- How long the meeting lasted
- What items were deferred
LLC Meetings
Meetings, and by extension meeting minutes, aren't necessary for a limited liability company, but they're useful if you want to provide transparency to potential lenders or investors.
Regular meetings can be used for the following:
- Tracking the company’s goals and strategies
- Drafting and amending operating agreements
- Drafting and amending formation documents (e.g., Articles of Organization)
- Discussing annual reports
By keeping detailed minutes of these meetings, you can keep track of the growth of your company.
How Often Should an LLC Have Meetings?
For most companies, monthly meetings are sufficient. However, if your company has multiple owners then you may want to consider having quarterly meetings instead. Quarterly meetings allow you to discuss the progress of each owner separately.
You should also make sure that your meeting minutes are kept for at least three years. If you don't keep your meeting minutes for long enough then you could face potential legal problems. Having the minutes will paint a clear picture to the courts of your business dealings.
Where Should Meetings Take Place?
Picking the right meeting location for your limited liability company isn't always easy. The following tips can help you choose the best location for your next meeting.
Consider Your Needs:
- First, consider how many people will attend the meeting. If you expect a large turnout, then a larger venue might be better than a smaller space. However, if you anticipate a small group, then a smaller room will work just fine.
- Next, think about whether you'll need additional equipment such as tables, chairs, etc. If you don't have these items, you may want to rent them from a local office supply store.
- Select a room with good lighting. Opt for a room with natural light where everybody can see each other’s faces.
- Also, consider whether you'll need more than one room. For example, if you plan to hold meetings simultaneously in two different rooms, you may want to pick a location that has separate entrances. This way, attendees won't get confused when entering and exiting the building.
- Finally, consider where you'd like to host future meetings. If you frequently meet at the same location, you may want to consider renting a conference room instead of using regular office space.
If your company chooses to host virtual meetings, make sure that everybody has a working microphone, a strong internet connection, and a clear camera. Virtual meeting hosts should also know how to use their presentation software.
Meeting Resolutions
If your meeting intends to pass a resolution, then you must ensure that your company records them properly as well. Some examples of when you would need a resolution include:
- Entering new contracts
- Appointing a manager (for manager-managed LLCs)
- Buying or selling real estate
- Adding, revoking, or transferring membership rights
- Financial decisions, such as opening a business bank account or taking out a business loan
- Determining profit distribution among members
- Amending LLC documents, such as the Articles of Organization or operating agreement
- Amending previous resolutions
- Dissolving the company
LLC Resolution Template
The following information should also be included in a member resolution:
- Resolution Title: This is the title of the resolution and should be brief. Many companies simply use “Member Resolution,” while others use more descriptive titles like “Banking Resolution” or “Resolution to Add New Member.”
- Date and Place Signed: This is the date that the resolution was signed as well as where the signing took place.
- Resolution Text: This is what the resolution is for. The text should be clear, concise, and may provide an action plan following the resolution.
- Member Signatures: All applicable members must sign their consent and date their signature.
- Resolution Date: This is the date when the resolution became effective. If the resolution has an expiration or termination date, be sure to note it.
Recommended: Learn more in our guide to LLC resolutions.
Should I Use a Meeting Minutes Template?
The best way to get started creating your own meeting minutes templates is to find a sample that works well for you. The sample we provide here is just one example. There are many other ways to organize your meeting minutes that work best for you.
No matter what you choose, remember that if your LLC chooses to hold member meetings, keeping detailed meeting minutes can help put your company on the right track and help you visualize your company's past and future decisions.
Frequently Asked Questions
Organizational minutes are documents that detail how business operations run within an organization. They are often referred to as "organizational records." These documents are typically kept separate from regular business records.
Single-member LLCs have only one member and so normally don't hold meetings for day-to-day activities, meaning they don't keep meeting minutes. However, if a single-member LLC holds a meeting with their CPA, lawyer, or another professional, they will often use a simple form of keeping minutes for their own reflection.
That being said, even if they only have one owner, single-member LLCs should keep good records (including meeting minutes) if they make changes to their operating agreement, such as adding a new member, transferring ownership, or even dissolving the company. This helps cement that the LLC is a separate legal entity from its owner.
To determine whether your company’s meeting minutes are properly recorded, consider these questions:
- Is there a dedicated notetaker during the meeting?
- Does everyone have access to the minutes?
- Can absent attendees understand what happened during the meeting?
- Can attendees successfully refer to the minutes for information down the line?
Failing to keep meeting minutes can cause confusion not only for those present at the meeting but also for those who were absent. Keeping notes during the meeting, discussing your notes with present meeting attendees, and maintaining backups of minutes can help prevent this from happening.
The best time to write up the meeting minutes is right after the meeting. This ensures that what occurred is fresh in your mind, meaning you can take more detailed, accurate notes.
If you're running late when writing up the minutes, make sure that you complete them before the next scheduled meeting. Otherwise, you and other members will not have anything to refer back to.
It can be helpful for new LLCs to start off by recording all the information that was discussed at their first meeting. It helps them to see how well organized their company is going to be.
You can use our free template to record your first meeting minutes.